Yesterday we talked about the advantages of choosing an online business model over brick-and-mortar, face-to-face business models. All online businesses are not created equal, however. Your choice of online business model can have a huge impact on future success. You’ll want to choose a model that matches your skills, your character, and your lifestyle. The following are 5 of the best online business models you can consider to secure financial freedom.
Blogging is still one of the best ways to make money online. Blogging takes consistency to work, and the results can take a while to materialize, but there are many bloggers making a good living online. Even if it is not going to be used as your primary form of income, having a blog is a good way to promote your other business or to bolster your reputation. Coaches, freelancers, and network marketers can all find that a blog helps promote their main business. Once a blog generates enough traffic, it can be monetized using affiliate marketing or paid advertising.
Great blogging resources:
You can make money through affiliate marketing via your blog, or even monetize your social media with affiliate links. This is a great online business model for beginners as you don’t have to create any products or keep any inventory. You will need (or at least greatly benefit from) an email list, if you want to consider this model. Most affiliate sales will come from your list, not your blog or social media, but you can definitely start where you are and grow slowly.
Great affiliate marketing resources:
Funnels that Click (for building a list and automating sales)
Physical Products and Amazon FBA
It is also possible to sell physical products online with the help of other services. With the Fulfilled by Amazon (FBA) service, you simply ship your goods to Amazon. The sale and processing occur through the Amazon platform, as does delivery of the product itself. Amazon even takes care of the customer service. In other words, Amazon does a lot to complete the business. However, they do take a large share. Other methods of selling physical products online include dropshipping and opening an Etsy shop (where you can sell both physical and digital products).
Great Amazon FBA resources:
Create an Online Course
If you are an expert on a particular topic, then you should consider creating your own online course. This is not as difficult as it sounds, but you will still be responsible for marketing and promoting your course. Udemy is one of the most well-known online course platforms. With the increase in the price of tertiary education, more people than ever are turning to online courses for instruction. Udemy even offer a free course to potential new course instructors.
Great online course building resources:
If you have a marketable skill that can be delivered online, freelancing is a great way to earn extra money. You can work from anywhere and leverage your existing skills for compensation. Examples of freelance services you can offer include writing, proofreading, design services and virtual assistant services.
Great resources for potential freelancers:
Proofread Anywhere (FREE workshop)
Become a Virtual Assistant (FREE resources for current and potential VAs)
So what do you think? Are you using any of these business models? Any new ones you’d like to consider? Any questions? (just ask in the comments).
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